# Table 1: CA Decomposition — Trade vs Income Balance

| Variable | Full: CA/GDP | Full: Trade Bal | Full: Income Bal | OECD: CA/GDP | OECD: Trade Bal | OECD: Income Bal |
|:---|---:|---:|---:|---:|---:|---:|
| Z_1 | 3.0076 | -3.0208 | 41.3648*** | -39.1500 | -36.3035 | -1.9243 |
| | (12.1877) | (19.7111) | (15.4488) | (28.0001) | (26.6473) | (18.1938) |
| Z_2 | -0.2553 | 0.0355 | -6.3992*** | 4.3549 | 4.4100 | -0.2741 |
| | (1.8274) | (2.9560) | (2.3132) | (3.8187) | (3.6358) | (2.4868) |
| Z_3 | 0.0036 | -0.0023 | 0.2671*** | -0.1336 | -0.1532 | 0.0298 |
| | (0.0744) | (0.1205) | (0.0941) | (0.1451) | (0.1383) | (0.0950) |
| fiscal_bal_gdp | 0.5224*** | 0.3117*** | 0.0590** | -0.0260 | -0.0750** | 0.0491*** |
| | (0.0347) | (0.0283) | (0.0273) | (0.0337) | (0.0299) | (0.0180) |
| nfa_gdp_lag | 0.1015 | -0.4782** | -0.6909*** | -0.5945* | -1.3249*** | 0.4286** |
| | (0.2242) | (0.2420) | (0.2204) | (0.3107) | (0.2785) | (0.1691) |
| log_rel_opw | 2.2554*** | 9.9077*** | -3.2823*** | 1.9035 | 6.6490*** | -5.8564*** |
| | (0.4058) | (0.6683) | (0.5234) | (1.1727) | (1.1418) | (0.8268) |
| kaopen | -0.0180 | -0.7348*** | 0.1722 | 0.6359*** | 0.6201*** | 0.0904 |
| | (0.1904) | (0.2373) | (0.2052) | (0.2139) | (0.1947) | (0.1217) |
|:---|---:|---:|---:|---:|---:|---:|
| N | 4406 | 3937 | 3907 | 1154 | 1154 | 1154 |
| R² | 0.1853 | 0.2748 | 0.1294 | 0.1039 | 0.2390 | 0.1098 |
| Countries | 162 | 150 | 150 | 37 | 37 | 37 |

*Panel GLS with AR(1) errors. Standard errors in parentheses.*
*\*p<0.1, \*\*p<0.05, \*\*\*p<0.01*